Private Placement Closed

January 29, 2010

Ely Gold & Minerals Inc, (the "Company") is pleased to announce that
is has closed the non-brokered private placement announced on December
29, 2009. The Company raised $300,000 by issuing 2,000,000 common shares
at a price of $0.15 per share. There were no warrants issued, and no
commissions or finder's fees were paid in conjunction with this private
placement.

The common shares issued pursuant to the private placement are subject
to a hold period that expires on May 29, 2010, in accordance with
applicable Canadian securities laws and the policies of the TSX Venture
Exchange. The funds will be used for general working capital.

Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.